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Full text of "Shipping Practice"

l6o                             SHIPPING PRACTICE

York-Antwerp Rules, 1950                 York-Antwerp Rules, 1924

EnleXXT. Interest on Losses
made good in General Average
Interest shall be allowed on
expenditure, sacrifices and allow-
ances charged to general average
at the rate of 5 per cent per annnm,
until the date of the general average
statement, due allowance being
made for any interim reimburse-
ment from the contributory in-
terests or from the general average
deposit fund.

Rule XXIL—Interest on Losses
made good in General Average

Interest shall be allowed on ex-
penditure, sacrifices and allowances
charged to general average at the
legal rate per annnyn prevailing at
the final port of destination at which
the adventure ends, or where there
is no recognized legal rate, at the
rate of 5 per cent per annum, until
the date of the general average
statement, due allowance being
made for any interim reimburse-
ment from the contributory inter-
ests or from the general average
deposit fund.

Bule KKIL Treatment oi Cash
Deposits

Where cash deposits have been
collected in respect of cargo's
liability for general average, salvage
or special charges, such deposits
shall be paid without any delay
into a special account in the joint
names of a representative nomin-
ated on behalf of the shipowner
and a representative nominated on
behalf of the depositors in a bank
to be approved by both. The sum
so deposited, together with accrued
interest, if any, shall be held as
security for payment to the parties
entitled thereto of the general
average, salvage or special charges
pavable by cargo in respect to
which the deposits have been
collected. Payments on account or
refunds of deposits may be made if
certified to in writing by the average
adjuster. Such deposits and pay-
ments or refunds shall be without
prejudice to the ultimate liability
of the parties.

Rule XXIIL—Treatment of Cash
Deposits

Where cash deposits have been
collected in respect of cargo's lia-
bility for general average, salvage
or special charges, such deposits
shall be paid into a special account,
earning interest where possible, in
the joint names of two trustees (one
to be nominated on behalf of the
shipowner and the other on behalf
of the depositors) in a bank to be
approved by such trustees. The
sum so deposited, together with
accrued interest, if any, shall be
held as security for and upon trust
for payment to the parties entitled
thereto of the general average, sal-
vage or special charges payable by
the cargo in respect of which the
deposits have been collected. The
trustees shall have power to make
payments on account or refunds of
deposits which may be certified to
in writing by the average adjuster.
Such deposits and payment or re-
funds shall be without prejudice to
the ultimate liability of the parties.